Jammu and Kashmir Bank loan to Financing fees of coaching classes or institutes that train students for entrance examinations to courses like medicine, engineering and civil services etc. and for other related expenses like lodging / boarding, purchase of Laptop/ PCs / Netbooks / Tablets / Study Material / eTutorials.
Today, in this post I will tell you each and everything about this loan provided by Jammu and Kashmir bank. After reading whole post you will know every detail about this loan like eligibility, margin, maximum loan, Quantum of finance, Processing Charges, Rate of Interest and Repayments etc.
NATURE OF FACILITY
- Term loan
PURPOSE
Financing fees of coaching classes or institutes that train students for entrance examinations to courses like medicine, engineering and civil services etc. and for other related expenses like lodging / boarding, purchase of Laptop/ PCs / Netbooks / Tablets / Study Material / eTutorials.
CLASSIFICATION
- Priority.
ELIGIBILITY
- Student should be an Indian National and should have completed Class X or above aspiring for admission in Engineering, MBBS, MBA, Post-Graduation courses etc.
- Students pursuing graduation/post-graduation course or employed individuals, desirous of competing for Civil Service Exam of UPSC / State Public Service Commission for employment in IAS, KAS, IPS, KPS etc.
- The students should have secured a minimum of 55% marks in the previous qualifying exam.
- Age not exceeding the maximum for targeted competitive exam.
- Parent/Guardian only borrower, if age of the student is below 18 years.
- Parent/Guardian, jointly with the student if age of the student is 18 years or above.
BORROWER ELIGIBILITY
- Permanent Employees of State / Central Government, Government / Semi-Government Undertakings, Autonomous Bodies, Public Limited Companies / Private Limited Companies who have been in current employment for a period of not less than two years.
- Professionals, Self Employed Individuals ,Proprietorship Concerns, Persons engaged in agricultural and allied activities having at least one year satisfactory dealing with J&K Bank.
- Pensioners State/Central Government, Public Sector Undertaking.
BORROWER’S AGE
- Maximum age of Parent/Guardian at loan maturity: 65 years or age of retirement whichever is earlier.
- If Parent/Guardian is a pensioner maximum age at loan maturity: 68 years
MAXIMUM LOAN:
- Rs. 2 Lakh per child for coaching studies in India.
- Maximum Amount per parent/guardian- Rs.4 Lakh only.
- Finance for purchase of Laptop/ PCs / Netbooks / Tablets / Study Material / eTutorials should not exceed Rs. 40,000/= per student within the overall limit of Rs. 2.00 Lakh.
QUANTUM OF FINANCE
- For Permanent Employees / Pensioners: Maximum 18 times of gross monthly salary / pension/ income or 90% of coaching fee (which may include boarding & lodging expenses if available in-house) plus 75% of the other expenses like purchase of Laptop/ PCs / Netbooks / Tablets / Study Material / eTutorials or Rs 2 Lakh per child/student, whichever is lower.
- For Other Eligible Categories: 1.5 times of average gross annual income of last two years or 90% of coaching fee (which may include boarding & lodging expenses if available in-house) plus 75% of the other expenses like purchase of Laptop/ PCs / Netbooks / Tablets / Study Material / eTutorials or Rs 2 Lakh per child/student, whichever is lower.
PROCESSING CHARGES
- Rs. 250
MARGIN
- 10% of the coaching fee (which may include boarding & lodging expenses if available in-house).
- 25% of the other expenses like purchase of Laptop/ PCs / Netbooks / Tablets / Study Material / eTutorials.
SECURITY
- Primary : NIL
- Collateral: Third Party Guarantee of One person.
- In case of pensioners, guarantee of one person & guarantee of Spouse eligible for family pension shall be obtained.
- No third party guarantee required in respect of permanent employees of State – UT and Central Government, State–UT / Central Government Undertakings & Autonomous bodies drawing salary through our Bank and where letter of undertaking from employer is available.
RATE OF INTEREST
REPAYMENT
- 36 months including moratorium period of 3 months.
JK STUDY ALERTS
Note: All information of this post is already available in JK Bank official website. JK Bank can make any change in information anytime. So, before you take any next step first check JK Bank Official Website data regarding this loan.
